St. Landry democrat. (Opelousas, La.) 1878-1894, 1887-08-20
CURRENT TOPICS.
THE PANAMA CANAL COMPANY
AND ITS NEW LOAN.
Millions of Money Yet Necessary to Finish
This Stupendous Undertaking-French
Views on the Subject-Effect of the Mon
roe Doctrine ON South American States.

The Panama Canal Company decided
at its last meeting, held on July 81, to
issue another loan of $100,000,00O at
432.39; so that what the company will
/ receive in cash from the loan of $780,
100000 will be simply $43,239, 900, and
the charges will amount to $4,30O0O0 or
about ten per cent. The issue of the
loan affords NJ Leroy -Beaulieu, dis
tinguished political economist, the text
of most interesting and instructive
review, in the last number of the
Economiste Francois, of tbse promises and
performances of the company during
the past six years, lin which he
marshals the facts with his usual
cruel lucidity. In January, 1881, the
company was formed, and prom
ised to make the canal for $120,000,000,
or, at an outside estimate, $140,000,00O,
and it was to be opened for traffic in
from seven to eight years. Two months
later, NJ. de Lesseps cut down the time
by one year, and said the work would be
finished in 1888. In July, 1888, the ex-
ecutiye council announced that the
period of organization had passed by,
and of course the works were actively
going on. In August, 1884, they de-
clared that nothing had occurred
to shake their belief that the canal
would be finished in 1885," and they
then proposed to tell in another part of
the report how their promises on this
point could be ''mathematically fulfilled"
The report of 1886 gave up 1888 as the
date of the opening of the canal and fixed
it for 1889, again with mathematical ex-
actitude, in this way: "With an average
monthly excavation of 100000 of cubic
metres in 1887, of 100000 in 1888, and
the same for the first half of 1889, the
canal will be finished July 1 in that
year." Suffice it to say that the excava-
tions this year have fallen just 45 per
cent. short of this estimate. And then
excavation is only part of the work to be
done, and perhaps the least troublesome
Turning to the financial side of the
the picture, according to M.
Leroy-Beaulieu, is still more gloomy.
After the company has got all the money
1t is now asking for, the sum total of the
investment will be $233, ,162,774. The in
terest on this and other charges of every
nature will amount to $1s,594, ,044, and
The canal is still far from being finished.
If the work lasts six years and half
onger, it will take from $16O,00O,OO0
% $1S0,O00,00O more, in mere in
;erest and general expenses, which will
make altogether a debt of about
b40O, 100000. But the work still to be
lone will probably cost not less than
5000, 900, making in all 100000, 0,OOO
The average interest on this will be
bout nine per cent, or $54,OO0,OOO. So
hat what with this, the ordinary ex-
'enses of administration and repairs, and
he rent to the Colombian government,the
anal will need to earn from $58, 100000
o $6O,000,O0O annually to pay its fixed
harges before the shareholders get any
ividend. "And this" M. Leroy -Beaulieu
Winds up by exclaiming, lis the frightful
ulf into which the French people are
asting their savingsr